The two main contenders in Ghana's presidential election have launched duelling manifestos promising fiscal stability, jobs and a path out of the country's worst economic downturn in a generation.

Voters will head to the polls on December 7 to elect a successor to President Nana Akufo-Addo, who is stepping down at the end of the two terms he is allowed to serve as head of the West African gold, oil and cocoa-producing nation.

The election will pit ex-president John Dramani Mahama of the main opposition National Democratic Congress party against Vice President Mahamudu Bawumia, an economist and former central banker, from Akufo-Addo's ruling New Patriotic Party.

No party has ever won more than two consecutive terms in government in Ghana's democratic history.

Frustrations about economic hardship have tainted Akufo-Addo's presidency. Ghana defaulted on most of its $30-billion external debt in 2022 - the culmination of years of overstretched borrowing compounded by the Covid pandemic, the knock-on impacts of the war in Ukraine and a rise in global interest rates.

The government sought help from the International Monetary Fund and is now restructuring its debt as a condition for a $3-billion support package.

Both Mahama and Bawumia laid out their policy promises over the weekend ahead of a vote analysts predict to be tight two-man contest, even though others are running.

Mahama, 65, vowed to scrap first-year university fees to boost tertiary education and reduce taxes during his first three months in office.

"I will lead a ruthless war against corruption" and recover misappropriated assets, he told supporters in the south central city of Winneba on Saturday.

Mahama invested heavily in infrastructure during his 2013-17 presidency but drew criticism over power shortages, economic instability and alleged state corruption. He was never directly accused of wrongdoing but oversaw the government that was. His government denied wrongdoing.

NPP critics say graft continued and grew worse under Akufo-Addo's administration. His administration has also denied wrongdoing.

Bawumia promised to simplify the tax system, almost halve the number of ministers and cut public spending by 3% of GDP.

Addressing reporters in the capital Accra on Sunday, he outlined a plan to provide digital training to one million young people to help them find jobs.

Both candidates are from northern Ghana, a long-standing NDC stronghold in which the NPP has made inroads over the past years.